Wholesale prices increase 10% annually in February, latest warning about economy under Biden

The Labor Department reported Tuesday that its Producer Price Index for February was 10% higher than a year earlier.

The figure, which measures inflation at the wholesale level, is another sign that Americans are facing record-paced inflation, resulting in higher costs for goods.

The index increase on a monthly basis was 0.8%, down from the January 1.2% increase, the department's Bureau of Labor Statistics also reported. 

The increases are slightly less than those predicted by analysts – 10% annually and 0.9% from the previous month, according to Fox Business News.

"This rapid increase in wholesale prices demonstrates that painful inflation shows no sign of slowing down," said Alfredo Ortiz, president and CEO of the Job Creators Network. "Democrats are desperately trying to claim that their bad policies are not responsible for today's runaway inflation.

"But ordinary Americans and small business owners know the truth: This inflation tax is a direct consequence of President Biden and Congressional Democrats’ reckless spending, war on traditional energy and unnecessary social programs."